Loan VS Mortgage Loan

 

Is your kitchen as old as you and in need of refurbishment? Do you want to update all the paintings in your apartment? Want to review the layout of your bathroom? Or maybe you want to see wider by doing a complete striping of your house? Whatever your renovation projects, Crédit Wallonie has the solution ! an elucidation on adkoutreach.org

Mortgage loan = big jobs

Mortgage loan = big jobs

Anyone wishing to undertake a major renovation project, or at least a rather plump sum of money, should look to the mortgage loan. Why ? For many reasons:

  • Low rates: mortgage-backed mortgages are generally lower than mortgage-backed loans.
  • Fixed rate or variable rate: by opting for a mortgage, you are given the opportunity to choose between fixed rate and variable rate.
  • Duration: If you want to borrow a large sum, the mortgage is to be preferred because of the length of the repayments it offers.

Note, however, that the subscription of a mortgage requires a mandatory notary. Fees will be charged. Nevertheless, if you are already “holder” of a mortgage, you can, under certain conditions, go beyond this step.

Ready work: faster, easier

Ready work: faster, easier

Conversely, small jobs go more closely with work loans, for the following reasons:

  • Speed: since the intervention of a notary is not required, the subscription of a work loan is much faster than that of a mortgage loan.
  • Simplicity: from then on, the various approaches are also to be more simplified.

Note: Some banking organizations set certain limits, both in terms of duration and amount. It is therefore advisable to inquire beforehand.

Green loan: for ecological renovation work

Green loan: for ecological renovation work

If your renovations are intended to make your home more environmentally friendly (installation of photovoltaic panels, etc.) the green loan can be even more advantageous. The latter has indeed much lower rates than work and mortgage loans.

More and more financial institutions are offering this product of a new kind.

Renovation and premium work

Renovation and premium work

The Walloon Region also grants various bonuses called “energy” to households that choose to engage in work likely to improve the insulation of their homes, or to reduce their energy bills.

Do not hesitate to inquire about it before taking the plunge.